Visiongain has published a new report entitled Synthetic Biology Market Report 2024-2034: Forecasts by Product (Oligonucleotides & Synthetic DNA, Enzymes, Cloning Technology Kits, Synthetic Cells, Chassis Organisms, Xeno-Nucleic Acids), by Technology (Gene Synthesis, Genome Engineering, Sequencing, Bioinformatics, Cloning, Site-Directed Mutagenesis, Measurement & Modelling, Microfluidics, Nanotechnology), by Application (Medical & Pharmaceutical (Drug Discovery and Therapeutics (Cancer Detection & Diagnostics, Other), Artificial Tissue & Tissue Regeneration (Bio-Synthesis, Stem Cell Regulation, Other)), Industrial (Biofuel and Renewable Energy, Industrial Enzymes (Textile Industry, Paper Industry, Other), Biomaterials & Green Chemicals), Food & Agriculture, Environmental Applications), by End-user (Biotechnology and Pharmaceutical Companies, Academic and Research Institutes) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies.
The Synthetic Biology Market was valued at US$22.2 billion in 2024 and is projected to grow at a CAGR of 25.4% during the forecast period 2024 to 2034.
Unprecedented demand for Synthetic Biology Production
The urgent need for COVID-19 vaccines and treatments has significantly accelerated research and development in synthetic biology. Technologies like mRNA vaccines, which rely on synthetic biology principles, were rapidly developed and deployed, highlighting the field’s potential in addressing global health crises. The pandemic led to an influx of funding and investment in synthetic biology, particularly for companies involved in vaccine development, diagnostics, and therapeutic research.
For instance, Veracyte launched its Decipher Prostate Genomic Classifier in 2022, a genomic test designed to aid in treatment decisions for prostate cancer patients by analysing the activity of 22 genes. Additionally, Ginkgo Bioworks introduced a scalable, multiplexed diagnostic platform for detecting COVID-19 and other respiratory pathogens in 2022, aimed at improving pandemic response and preparedness.
In addition, the expanding range of applications for synthetic biology in multiplexed diagnostics, cellular recording, and therapeutic genome editing is expected to drive its demand throughout the study period. The use of organisms and products derived from synthetic biology techniques in various other sectors, such as energy and chemicals, is also projected to influence the overall market growth. For instance, Bit Bio launched its Opti-OX Technology in 2022, a cellular reprogramming technology that allows precise control of gene expression for recording cellular responses, greatly aiding in drug discovery and disease modelling. Pharmaceutical and biotech companies, Governments and private investors have recognized the value of synthetic biology in combating infectious diseases, leading to sustained financial support.
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How has COVID-19 had a Significant Negative Impact on the Synthetic Biology Market?
The COVID-19 pandemic significantly impacted the synthetic biology market in several adverse ways. Global supply chains faced disruptions, leading to delays in obtaining essential raw materials, reagents, and equipment needed for research and development in synthetic biology. This slowdown affected the progress of various synthetic biology projects. Financial constraints arose as many companies and research institutions experienced economic setbacks, resulting in decreased funding and investment for synthetic biology initiatives. Resources were redirected to address immediate pandemic-related needs, causing further delays in clinical trials and regulatory approvals for synthetic biology-based therapies and diagnostics.
Workforce disruptions due to lockdowns, social distancing measures, and health concerns led to reduced availability of personnel in laboratories and production facilities, hampering research, development, and production activities. Research priorities shifted towards COVID-19-related projects, including the development of diagnostics, vaccines, and treatments, which, while showcasing the potential of synthetic biology, diverted focus and resources from other areas of research.
Collaborative efforts, essential in synthetic biology, were hindered by travel restrictions and the shift to remote working, impacting in-person meetings, hands-on training, and knowledge exchange. Market uncertainty prompted cautious spending and investment behaviours, with companies hesitating to commit to new projects or expand existing ones, affecting the market's overall growth
How will this Report Benefit you?
Visiongain’s 402-page report provides 158 tables and 277 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the Synthetic Biology Market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Synthetic Biology. Get financial analysis of the overall market and different segments including product type, technology, application and end user and capture higher market share. We believe that there are strong opportunities in this fast-growing Synthetic Biology Market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Increasing Biofuel Demand
The rise of the synthetic biology sector will be driven by increasing demand for biofuel as a result of the global energy crisis, depletion of fossil resources, and growing pollution. Recent advancements in synthetic biology are paving the way for the production of fourth-generation biofuels, which will utilize microorganisms/crops that have been deliberately created as feedstock. Increased worldwide per capita energy consumption due to rapid industrialization, combined with an increase in global population, is predicted to drive synthetic biology applications in the energy sector. For instance, as per International Energy Agency, global biofuel demand is expected to be 6% or 9100 million liters per year reporting significant rise as compared to previous years. The rising demand for biofuels drives the need for advancements in synthetic biology techniques to optimize microbial strains, metabolic pathways, and bioprocessing methods for cost-effective and sustainable biofuel production.
Rapid advancements in genetic engineering
Technological advancements have been pivotal in driving the growth of the synthetic biology market. Breakthroughs in genetic engineering, DNA synthesis, and gene editing technologies, particularly CRISPR, have substantially enhanced the field's capabilities. CRISPR technology, for instance, has revolutionized gene editing by allowing scientists to make precise, targeted changes to the DNA of living organisms. This tool has enabled more efficient and cost-effective manipulation of genetic material, leading to significant strides in research and development.
DNA synthesis technologies have also seen remarkable advancements, allowing for the rapid and accurate construction of synthetic DNA sequences. This has facilitated the development of custom microorganisms designed to produce biofuels, pharmaceuticals, and other valuable chemicals in a more sustainable and efficient manner. Additionally, advancements in computational tools and bioinformatics have enabled the design and optimization of complex biological systems. Companies like Ginkgo Bioworks are leveraging these technologies to create custom microbes for various industrial applications, from producing flavors and fragrances to developing new antibiotics. These technological innovations are not only expanding the possibilities of what synthetic biology can achieve but are also making it more accessible and cost-effective for researchers and companies to develop new products and solutions, driving the market's growth forward.
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Where are the Market Opportunities?
Increasing Demand for Fuel Alternatives
The increasing demand for fuel alternatives across the globe presents a significant trend in the context of synthetic biology, driving innovation and investment in biofuel production technologies. Synthetic biology can enhance the efficiency and yield of biofuel production in engineered microbes.
Moreover, through metabolic engineering and synthetic CO2 fixation pathways, researchers aim to develop carbon-negative biofuels that mitigate greenhouse gas emissions and contribute to climate change mitigation efforts.
In 2022, LanzaTech made significant strides in commercializing its technology to convert industrial waste gases into ethanol. By leveraging synthetic biology, LanzaTech's engineered microbes can ferment carbon-rich gases, such as those emitted from steel mills, into ethanol, which can be used as a renewable fuel. This approach not only reduces greenhouse gas emissions but also provides a sustainable alternative to traditional fossil fuels. Such developments in biofuel production, renewable diesel, algae-based biofuels, and the emergence of innovative startups are driving the market forward.
Competitive Landscape
The major players operating in the Synthetic Biology Market are Thermo Fisher Scientific Inc., Agilent Technologies Inc., Merck KGaA, Genscript Biotech Corporation, Intrexon Corp. (Precigen Inc.), Synthetic Genomics (Viridos), Ginkgo Bioworks, Xcelris Labs Ltd, New England Biolabs, Danaher Corporation, Twist Bioscience Corp., Algenol Biofuels Inc., Amyris Inc. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
- On May 2024, Twist Bioscience Corporation announced the launch of Twist Multiplexed Gene Fragments (MGFs), pools of directly synthesized double-stranded DNA (dsDNA) up to 500 base pairs in length.
- On May 2024, Integrated DNA Technologies (IDT) and Danaher announced the expansion of its synthetic biology operations with the opening of a new 25,000 square-foot-site in Coralville, IA
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To find more Visiongain research reports on the Pharma sector, click on the following links:
- Drug Delivery Technologies Market Report 2024-2034
- Cell Therapy Technologies Market Report 2024-2034
- Automation in Biopharma Industry Market for Pharma 2022-2032
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